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Deposits from China Mobile against license renewal fees to...

December 6, 2019 (MLN): China Mobile (CMPak) has deposited Rs 37.16 billion (equivalent to US$ 238.6 Million) against its license renewal fee with PTA.

Through an official social account, PTA Pakistan said in a tweet the license renewal proceeds have been deposited in Federal Consolidated Fund (FCF).

In line with the above tweet, it was further said the recent deposits from Cellular Mobile Operators against license renewal fees to the tune of more than Rs 107 billion would provide support to the national exchequer as well as to the economy, showing the positive contribution by telecom sector & efforts of PTA.

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OMO Result: SBP Injects Rs.300.00 Billion for 7 Days

Dec 06, 2019 (MLN): The State Bank of Pakistan (SBP) conducted an Open Market Operation on Friday in which it injected Rs.300.00 Billion into the market for 7 Days.

Summary of OMO Result

  Amount*RateBids
TenorTypeOfferedAcceptedHigh - LowAcceptedOfferedAccepted
7DReverse Repo (Injection)403.000300.00013.34 - 13.2913.301413
Total amount offered at 13.30% was Rs. 190,500.00 mio out of which SBP accepted Rs. 102,500.00 mio on pro-rata basis.
OMO Settlement: same day December 06, 2019
*Amount in Billions

 

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Ghani Chemical Industries commences the commercial operations

December 6, 2019 (MLN): Ghani Global Holdings Limited (GGL) via notification to PSX has informed that the third 110TPD plant of Ghani Chemical Industries Limited, the subsidiary of the company, has successfully begun the operations for manufacturing of industrial and medical gases.  

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ADB approves $300 million loan for Energy Sector Reforms...

December 6, 2019 (MLN): The Asian Development Bank (ADB) today approved a $300 million policy-based loan that will help the Government of Pakistan to address financial sustainability, governance, and energy infrastructure policy constraints in Pakistan’s energy sector.

The financing will support the first of three subprograms totalling $1 billion under the Energy Sector Reforms and Financial Sustainability Program, a key component of a comprehensive multi-donor economic reform program led by the International Monetary Fund that aims to put Pakistan’s economy on the path to sustainable and inclusive growth after a deterioration in its fiscal and financial position in recent years.

“The cash shortfall across the power supply chain in Pakistan, also known as circular debt, has shot up to more than $10 billion and is a longstanding chronic issue ailing the country’s power sector,” said ADB Director General for Central and West Asia Mr Werner Liepach. “A comprehensive and realistic Circular Debt Reduction Plan, assisted by ADB in close coordination with other development partners, is the cornerstone of this subprogram. The plan aims to drastically cut the new flows of circular debt and provides policy directions on addressing accumulated circular debt.”

While Pakistan has made a significant effort in recent years to expand its electricity generation capacity and stabilize supply, the country is yet to overcome the challenge of inefficiencies, distortions, and uneven reform progress in the sector. These inefficiencies were estimated to have cost the country’s economy up to $18 billion, or 6.5% of gross domestic product, in 2015.

The energy reform program aims to address the underlying causes of circular debt with a focus on improving inadequate tariff and subsidy systems, strengthening energy accounting, and reducing generation costs.

ADB will finance the program with support from its development partners. The Export-Import Bank of Korea has confirmed it will provide $80 million in co-financing for the first subprogram.

 

Strategic Engagement Plan will help improve Pak-EU ties: FM

December 6, 2019: Foreign Minister Shah Mahmood Qureshi says Strategic Engagement Plan will play an important role in improving bilateral relations and economic cooperation with European Union.

Speaking at a luncheon arranged for EU member countries' ambassadors in Islamabad on Thursday, he said this plan will help to increase the volume of trade and people to people contacts.

The Foreign Minister said EU is the largest trading partner of Pakistan.

The Foreign Minister  apprised the ambassadors about Pakistan's efforts in the Afghan peace process.

The Ambassadors appreciated Pakistan's role in bringing stability to its western neighbour.

Shah Mahmood Qureshi expressed hope that due to positive economic indicators, the EU will continue Pakistan's GSP Plus status.

He asked the EU ambassadors to review travel advisory to Pakistan in view of improved security and peace situation in the country.

Radio Pakistan

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